|  |  |  |
| --- | --- | --- |
|   | (e) | **Default:** notwithstanding paragraphs (b) and (c) above, but exclusive of and without affecting Lessee’s right to receive in accordance with paragraph (a) above insurance
proceeds in excess of the Agreed Value, if at the time of the payment of any such insurance proceeds a Significant Default or Event of Default has occurred and is continuing and has been notified to the insurer and the insurance broker, all such
proceeds payable to Lessee will be paid to Lessor or Owner, as the case may be, until Lessee shall have cured any such Significant Default or Event of Default or retained to be applied toward payment of any amounts which may be or become payable by
Lessee in such order as Lessor or Owner may elect.  |

  




|  |  |  |
| --- | --- | --- |
|   |    | To the extent that insurance proceeds required by the foregoing to be paid to Lessor are paid to Lessee, Lessee agrees to hold such proceeds in trust and comply with the foregoing
provisions and apply or pay over such proceeds as so required.  |

  


7-4